28th Oct 2014 09:11
LONDON (Alliance News) - Kibo Mining PLC on Tuesday said it has completed the technical work on the Rukwa coal-to-power project first stage ahead of schedule and said the pre-feasibility study can now start.
Kibo said phase one, stage one of the technical work stage for the Rukwa project in Tanzania has been completed ahead of schedule. It is now awaiting the final technical report for the project, due to be ready by the end of November.
Kibo said the positive results from the study mean it has initiated the pre-feasibility study for the coal-fired power project included in the Rukwa plans. The study will be completed in two phases, Kibo said.
"The rapid progress we have made and the strongly positive results from the feasibility work on the RCPP to date, has substantially enhanced the company's ability to finalize a robust and commercially sound transaction with a suitable development partner," said Kibo Chief Executive Officer Louis Coetzee.
Kibo shares were up 1.2% to 1.24 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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